for sale georgetown retail investment or …[email protected] georgetown retail development...
TRANSCRIPT
MARK TEMMEL
(206) 307-5726
ADAM SIMON
(206) 755-6345
GEORGETOWN RETAIL DEVELOPMENT SITE 5507, 5527 & 5531 Airport Way S Seattle, WA 98108
FOR SALE Investment or Redevelopment
$4,500,000
Real Assets
Property Services, Inc.
Located in the heart of Georgetown’s commercial district on Airport Way South, the site consists of three parcels, two buildings and a surface parking lot. This is a rare opportunity for an investor or owner-user to purchase a mix of office, retail and warehouse in one of the fastest real estate markets in the country.
Address Parcel Land Size Building Size Zoning
5507 Airport Way S 3868400165 6,500 SF 0 IG2 U/85
5527 Airport Way S 3868400185 6,500 SF 6,800 SF IG2 U/85
5531 Airport Way S 3868400190 13,000 SF 13,000 SF IG2 U/85
GEORGETOWN RETAIL DEVELOPMENT 5507, 5527 & 5531 Airport Way S Seattle, WA 98108
$4,500,000
SITE SPECIFICS
100% Leased Full NNN Leases NOI: $185,696 ADT: 14,000 Abundant Parking Below Market Rents Desirable Georgetown, Seattle Location
Asking Price
Property Description
Property Highlights
Assessor Data
Property
Property
SODO
GEORGETOWN RETAIL DEVELOPMENT 5507, 5527 & 5531 Airport Way S Seattle, WA 98108
AERIAL / MAP
GEORGETOWN RETAIL DEVELOPMENT 5507, 5527 & 5531 Airport Way S Seattle, WA 98108 ACTUAL Rental Income Tenant Lease Expiration Square Feet Rate PSF/yr Monthly Rent Annual Rent
5527 #101 Dallas Watson Flooring, Inc. 9/30/2020 2,750 $14.40 $3,300.00 $39,600.00
5531 District Auctions LLC Month-to-Month 5,800 $13.45 $6,500.00 $78,000.00
5531 Studio C Harper Studios 6/30/2020 10,200 $9.71 $8,250.00 $99,000.00
Rent $18,050.00 $216,600
Operating Expense Reimbursement $51,667
Effective Gross Income $268,267
Operating Expenses
Real Estate Taxes $27,552
Insurance $5,687
Utilities $16,504
Common Area Maintenance/Repairs $7,413
Management Fee $8,392
Bank Fee $40
Railroad Lease $3,363
Good Tenant Rent Credit $1,800
Good Tenant NNN Credit $991
Total Operating Expenses ($71,741)
Net Operating Income $196,526
Vacancy (5%) ($10,830)
Adjusted Net Operating Income $185,696
Cap Rate (Actual) 4.13%
Sale Price $4,500,000
GEORGETOWN RETAIL DEVELOPMENT 5507, 5527 & 5531 Airport Way S Seattle, WA 98108
Space Square Feet Market Rate PSF/yr Monthly Rent Annual Rent
5527 #101 2,750 $18.00 $4,125.00 $49,500.00
5531 5,800 $20.00 $9,666.67 $116,000.00
5531 Studio C 10,200 $18.00 $15,300.00 $183,600.00
Rent $29,091.67 $349,100
Operating Expense Reimbursement $62,648
Effective Gross Income $411,748
Operating Expenses
Real Estate Taxes $27,552
Insurance $5,687
Utilities $16,504
Common Area Maintenance/Repairs $7,413
Management Fee $8,392
Bank Fee $40
Railroad Lease $0.00
Good Tenant Rent Credit $0.00
Good Tenant NNN Credit $0.00
Total Operating Expenses ($65,588)
Net Operating Income $346,160
Vacancy (5%) ($17,455)
Adjusted Net Operating Income $328,705
Cap Rate (Pro Forma) 7.30%
Sale Price $4,500,000
PRO FORMA
GEORGETOWN RETAIL DEVELOPMENT 5507, 5527 & 5531 Airport Way S Seattle, WA 98108 PROPERTY PHOTOS